Value-based Decision Making: A Best Practice of ISO 55000
At the core of the ISO 55000 asset management standard is the concept that assets exist to generate value for the organization and its stakeholders. Value-based decision making (VDM) is an approach that helps organizations align decisions to realize the most value from their assets.
In a nutshell, Copperleaf’s VDM approach first involves developing a value framework to comprehensively assess the benefits of every investment under consideration. This framework is then used to assess all investments using a common scale so that trade-off decisions can be made with confidence.
Download this white paper to learn how value-based decision making can help you:
- Consistently and fully assess the benefits of any project or investment—based on economics and risk
- Align decision making to your company’s evolving strategic objectives
- Identify the optimal set of investments, alternatives, and timing that will deliver the greatest value while respecting all constraints